Argentina to launch national registry for crypto platforms
Argentina to launch national registry for crypto platforms
New national registry for crypto entities aims to enhance market transparency and integrity, requiring all crypto exchanges to register and comply with regulations.
In a significant move to enhance market integrity and regulatory oversight, Argentina has officially launched a national Virtual Assets Service Provider (VASP) Registry. This initiative, managed by the National Securities Commission (CNV), is designed to improve transparency and protect investors in the rapidly growing cryptocurrency market.
Recall that Argentina first announced register requirements for the cryptocurrency entities in late March, with CNV chair Roberto E. Silva noted that the country "worked against the clock to advance compliance" to prevent illegal financial activities.
As reported by CryptoNews, the newly established registry mandates that all VASPs operating in Argentina must register with the CNV. This includes crypto exchanges, wallet providers, and other platforms involved in the trading and custody of digital assets. The primary goal is to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, which are critical for maintaining the integrity of the financial system.
The CNV will be responsible for overseeing the registration process and ensuring that all VASPs adhere to stringent compliance requirements. These include conducting thorough customer due diligence, reporting suspicious transactions, and maintaining comprehensive records of all transactions.
One of the key motivations behind this initiative is the protection of retail and institutional investors. By enhancing regulatory oversight, the Argentine government seeks to mitigate the risks associated with crypto trading.
The success of this initiative will depend on the effective implementation and enforcement of the new regulations. The CNV's role in monitoring compliance and taking swift action against non-compliant entities will be crucial in ensuring the efficacy of the registry.
Argentina's launch of a national registry for crypto entities marks a big step in the country's efforts to regulate the cryptocurrency market. This initiative is expected to enhance market integrity, protect investors, and promote responsible innovation in the crypto sector.
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